Post Office launches new issue of Online Saver

The Post Office has announced the launch of a new issue of its popular Online Saver account, offering a competitive annual rate of 2.85% gross/ AER, on interest paid annually. The new rate is available on new accounts opened from Tuesday 17 May 2011.

The rate includes a fixed bonus of 1.20% gross/ AER for the first 12 months from account opening. After 12 months the rate will revert to an underlying rate, currently 1.65% gross AER.

The Post Office Online Saver account allows people to manage their money online at any time, with unlimited free withdrawals.  Accounts can be opened instantly online postoffice.co.uk/onlinesaver with a minimum of £1 deposit, with no additional charges.

Post Office Director of Savings, Richard Norman, said: "This new launch offers savers looking to manage their money online the opportunity to do so without sacrificing good return on their money. The Online Saver account offers flexibility by allowing savers to access their money at any time and make unlimited withdrawals with no penalties."